Coles is understood to be applying for a banking licence, according to Fairfax Media, but the company is coy on what extra products it would seek to offer.
The loss of confidence in big financial institutions, after the global financial crisis, and their links to financial planning scandals is aiding the Coles push to acquire a banking licence.
“Technology will be a very important differentiator for financial services providers as regards to offering better services and reducing costs [for customers],” said Coles financial director Rob Scott.
It is worth noting that insurance customers of the supermarket chain at the moment are in the vicinity of 350,000.
Source: Fairfax Media